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Colorado Lending Bill Alters Fee Structure

Colorado HB 10-1351 was the wrong move for jobs in the state, said Rep. Liston. In response to the controversial legislation, Colorado legislators have introduced HB 11-1290, which would fill the gap created when pay day loans were banned by requiring a full payment of origination fees up front, instead of allowing for a pro-rated amount should the customer pay off their short term installment loan early. Source for this article – Colorado short term installment loans bill HB 11-1290 up for debate by MoneyBlogNewz.

Fast review in committee of Colorado House Bill 11-1290

Friday, Colorado House Bill 11-1290 was introduced. The Colorado Statesman explained that it can be debated soon. The short term installment loans origination fee of $20 per $100 loaned for the first $300 and $15 per $100 loaned for the next $200 up to a maximum of $500 loaned nets lenders up to $75. In addition, a monthly maintenance of $7.50 per month per $100 and a finance charge of 45 percent can be charged in accordance with Colorado law. Two-week payday loans are unlikely in Colorado now. Loan companies say the only way business can continue is if the full HB 11-1290 origination fee is charged.

HB 10-1351 and HB 11-1290 sponsors argue

HB 10-1351 was something Rep. Sue Schafer, D-Wheat Ridge, voted “no” on while Rep. Ed Casso, D-Commerce City, was in favor of HB 10-1351. Both are involved in the sponsors of the legislature in the House. Senate sponsors contain other anti-HB-1351 legislators for instance Sen. Mary Hodge, D-Brighton, and Sen. Lois Tochtrop, D-Adams County.

Technical correction or incentive to re-borrow?

Supporters of Colorado House Bill 11-1290 maintain the origination fee change is merely a technical correction to the provisions of last year’s HB 10-1351. This is something Rich Jones of the Bell Policy Center doesn’t agree with:

“It’s an incentive for the lenders to get customers to pay off their loans early and then take out more loans,” Jones told the Statesman Friday.

Articles cited

DORA

dora.state.co.us/Financial-Services/pdf_forms/Revised HB10-1351_2.pdf

State Bill Info

statebillinfo.com/bills/bills/11/1290_01.pdf

Colorado Statesman

coloradostatesman.com/content/992687-payday-lender-bill-being-fast-tracked-through-house

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